Mattioli Woods has agreed to buy Ashcourt Rowan’s £190 million pensions administration business for £335,000.
The businesses, which Ashcourt acquired as part of its purchase of UK Wealth Management at the end of 2013, will be transferred for an initial £275,000 with a further £80,000 conditional on meeting performance targets.
‘We continue to see legislation affecting these markets and creating opportunities for consolidation, which is a key part of our growth strategy,’ said chief executive Ian Mattioli.
The sale includes pensions trustees Acomb Trustees, Simmonds Ford Trustees and Ropergate Trustees alongside ‘certain assets’ of Pension Administrations Limited. The units will continue to offer pension services to Ashcourt Rowan businesses and clients.
‘Ashcourt Rowan continues to focus on our core businesses,’ said company chief executive Jonathan Polin (pictured).
‘The administration of Sipp and Ssas schemes acquired with UKWM is non-core to our business, and this sale follows that announced last year of Ashcourt Rowan's own SIPP and SSAS business.
‘During the last 12 months we have found Mattioli Woods to be a sound strategic partner with the expertise, scale and systems to give the very best Sipp and Ssas administration services to our client.’